It is learnt that interest paid u/s. 234 C are not allowable. Can anybody indicate the exact section of the under IT Act or any judgement, which provides for such disallowance?
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Disallowance of int. u/s 234C - Relevant Authority for it
Replies (2)
Dear Aravind,
THERE ARE MANY JUDJEMENTS WHICH HAVE SAID THAT INTEREST PAID UNDER INCOME TAX ACT IS NOT ALLOWED AS DEDUCTION..
Any interest payable for default committed by the assessee in discharging its statutory obligation under the Income-tax Act which is calculated with reference to the tax or income, cannot be allowed as a deduction - Orient General Industries Ltd. v. CIT
you Can Read Sec 40(a)(ii) & Judgement of Assam Forest Products (P.) Ltd. v. CIT [1989] 180 ITR 478 (Gauhati)
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